A decade ago, Baby Boomer executives’ career strategies were usually driven by simple motivators – high financial compensation, a corner office and good title. Today, younger generations, who aspire to be leaders, are driven by different lifestyle choices.
For Baby Boomers, the possibility of a high salary and good compensation when they left the company were motivation enough to take a position anywhere in the country. These executives weren’t loyal to the company – they were ready at any time to go to another company that would offer them more.
Economic and demographic changes have altered the landscape for executive career paths. Clearly the migration of knowledge workers will shape the prosperity of the future as cities increasingly compete for people. According to CEOs for Cities, a national non-partisan U.S. organization of mayors, corporate chief executives and university presidents, cities that attract college educated workers between the ages of 25 and 34 will soar ahead in the next decade. Those cities with the most attractive lifestyle opportunities will lure more of the so-called “young and restless.”
The CEOs for Cities report underscores a shift in the focus of executives seeking career or personal coaching. Baby Boomers don’t hesitate to work 60-plus hours a week, and to do “what it takes,” to get the job. In contrast, younger generation executives look for opportunities in a desirable city or neighborhood, and a chance to work with other dynamic young entrepreneurs, doing something meaningful, while enjoying a balanced lifestyle.
A study by HR consulting firm AON showed that more than 25% of employed professional workers would change jobs for a salary of 10% or less, clearly identifying other reasons than salary for the change.
A study by Accenture found 50% of middle managers were looking for a new job and would be more attracted by benefits such as more time off rather than more pay.
Another study noted the majority of younger generation professionals seek jobs that place them within five miles of the downtown core of major cities rather than the suburbs.
Firms that want to attract talented executives are resorting to creative recruiting initiatives, many of which are aimed not at attractive compensation packages, but rather lifestyle and quality of life benefits, which include opportunities for more creative and independent work.
We may be witnessing a subtle yet profound shift in the definition of success for younger generations. Their desire for a broader and deeper definition of success will necessitate a shift away from the transactional and simpler motivational drives for economic success and security, and toward social and lifestyle rewards, including inner intrinsic motivational drives.
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